Indemnity Letter of Credit definition

Indemnity Letter of Credit means a stand-by letter of credit upon which the Escrow Agent will be entitled to draw pursuant to the Escrow Agreement for purposes of Seller’s indemnification obligations under Article 8, in a form that is reasonably acceptable to the Purchasers and the Sellers, having a stated amount equal to $3,750,000 and a stated expiry of 366 days following the Closing Date.
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Indemnity Letter of Credit. Defined in Section 2.4.
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Indemnity Letter of Credit means a letter of credit from the Bank in the amount of $5,000,000 Canadian Dollars substantially in the form of E xhibit B. “Intellectual Property Rights” means all rights, title, and interests in and to all proprietary rights of every kind and nature however denominated, throughout
Sample 1

Examples of Indemnity Letter of Credit in a sentence

  • The aggregate Indemnity Amounts payable pursuant to Section 12.1 hereof may exceed the amount of cash deposited by the Buyer on behalf of the Seller in the Indemnity Escrow Account or the face amount of the Indemnity Letter of Credit deposited therein, as the case may be.

  • All of the covenants, agreements and obligations (other than those related to taxes, which are addressed above) of the parties contained in this Agreement, the Disclosure Schedule, any ARCap Closing Certificate or any CharterMac Closing Certificate to the extent performed as of the Closing shall survive until the Closing, and all other covenants, agreements and obligations shall survive until they have been fully performed.

  • Indemnity; Letter of Credit or Other Surety Arrangement; Proof of Insurance; Effective Date of Franchise.

  • Unless extended as a result of unresolved claims for indemnification made pursuant to Section 7, the Indemnity Letter of Credit will expire at the close of business on the date that is twelve-months after the Closing Date.

  • The Collateral Agent shall be entitled to draw upon the Tri-Star Litigation Indemnity Letter of Credit at any time Borrower, TOGC or TOGA shall fail to pay any amount due under the Tri-Star Litigation Indemnity for any reason whatsoever.

  • Except as otherwise contemplated by Section 2(b) and (c), the Escrow Agent shall disburse the Escrow Property (including any amounts drawn on the Indemnity Letter of Credit), or any portion thereof, only in accordance with the joint written instructions signed by an authorized person of each of the Seller and the Purchaser (the person(s) so designated from time to time, the “Authorized Persons”) (such signed joint written instructions, “Joint Instructions”).

  • Subject to Section 7.1.2(b) below, the Seller’s aggregate liability in respect of claims for indemnification pursuant to Section 7 will not exceed the amount of the Indemnity Letter of Credit.

  • The Sellers shall deliver (or caused to be delivered) a draft of the proposed Indemnity Letter of Credit to the Purchasers for their review at least ten (10) Business Days prior to the Closing Date.

  • Upon delivery of evidence satisfactory to the Agent that the litigation between Tri-Star and Borrower has been concluded in a manner and pursuant to documentation in form and substance satisfactory to the Agent, the Tri-Star Litigation Indemnity Letter of Credit shall no longer be required under the Amended Agreement.

  • PREPA may draw the Indemnity Letter of Credit solely in the event it is ordered to pay any of the Specified Municipalities as contemplated above on account of the Specified Municipal Tax Claims, in the amount(s) so ordered.


More Definitions of Indemnity Letter of Credit

Indemnity Letter of Credit has the meaning specified in Section 4.4(l).
Sample 1
Indemnity Letter of Credit means a letter of credit from the Bank in the amount of $5,000,000 Canadian Dollars substantially in the form of Exhibit B.
Sample 1

Related to Indemnity Letter of Credit

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

  • Supporting Letter of Credit has the meaning specified in Section 2.3(g).

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • Existing Letter of Credit means each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing Bank and listed on Schedule 2.06.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the Borrowers' obligations to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company, or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies the Monthly Remittance Condition but fails to deposit SUBI Collections into the 2019-B SUBI Collection Account by the related Deposit Date.

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

  • Performance Letter of Credit means any standby Letter of Credit which represents an irrevocable obligation to the beneficiary on the part of the Issuing Bank to make payment on account of any default by the account party in the performance of a nonfinancial or commercial obligation.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Letter of Credit means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit.